Tips To Avail Your Loan against Property without ITR

It is safe to say that we all have been stuck in a financial rut at some point in our lives. Our humane needs lead us to crave for things that are necessary and redundant at the same time. But we get them anyway. Apart from the philosophical blabbering, let's get down on the technicalities of getting a loan against property without ITR and your maximum loan eligibility in lap. In situations such as this, we try to find alternatives and mostly that lead them to LAP (Loan against Property). 

What exactly is a LAP? 

So, A loan against property is like any other loan except you can avail a larger sum of money while keeping any of your registered property as collateral. Be it a Home loan in Uttam Nagar or a LAP, there are some fundamental differences between the two. While a home loan is specifically for buying real estate whereas LAP doesn’t have any specific purpose as the agency rests upon the person borrowing the money. So, if you have a property under your name that you’d want to use as collateral, then it’s time you put it for some use. Once the technicalities are being greenlit, the money will be available to you. People often resort to LAPs to pay off medical bills, educational obligations and perhaps for a vacation too. 

Availing LAP without ITR

There are a few things that you need to keep in mind before stepping into this territory since banks often don’t let their money out without income proof or ITR. But if you can follow these steps closely then there are chances to get your loan application approved in no seconds.

Documents that you’ll be needing

Application form

Identity proof

Address proof

Passport size photos

bank statement of last 6 months

Processing fee

Talk to the relationship manager

If you are already having a savings account in the bank from where you are taking the loan from, you will be assigned with a relationship manager who will be there to guide you and answer the questions that might arise. Be upfront about your condition and make them understand that you were being unable to file ITR under certain circumstances.

A good Co-applicant

Even though you don’t get well with your family, make sure you add one of them with a spontaneous income flow and good credit score as your co-applicant, in this case, your application will look strong and well suited. Also, adding a salaried applicant will increase your chances of getting the loan approved.

Peer to Peer Lending

P2P or peer to peer lending is something that is common these days where the fund that is being raised through crowd-funding will soon be disbursed to its potential borrower. Interest rates may be higher which is again based completely on the risk factors that are there in P2P lending. So, this could be an option for you when you won’t be producing any valid income proof or ITR.

All of these tips can come in handy if improvised properly.

Source : https://www.wattpad.com/665169416-tips-to-avail-your-loan-against-property-without

Home Loan against Property Eligibility

As the name suggests, loan against property is a kind of loan that is dispensed by a financial institution in lieu of the mortgage of a property. The property that is provided as a mortgage fills the security requirement for the lending organization. But, after all this, the ownership of the property rests with the borrower and can continue living in it. The maximum value of expense for a loan against property ranges between 40-60% of the market price of the property that has been kept as debt clearing asset. There are certain eligibility criteria that you need to fulfill in order to get the loan against property.

Eligibility for Getting Loan against Property

There is a procedure for a loan against property eligibility calculator, which can be used to know what is the exact amount that you can get if you apply for a loan against your asset. 

A regular flow of income: Applicant must have a steady and regular source of income, ensuring the home loan EMI will be paid later.

Age of the borrower: The age plays a vital role in the loan repayment. This is because if the person has already attained the retirement age, then there are very fewer chances of getting the loan approved.

Bad credit history: If you are having a very low CIBIL score, then there is no chance your loan is getting an approval.

Tenure: If the tenures are long then the loans will be spread for a longer durations, leading to lower EMI’s.

Inadequate Income Tax Returns (ITR): When a borrower is self-employed, the lender is going to seek for last three years ITR. If you have inadequate ITR, then loan against property without ITR will never be allowed.

Advantages of Acquiring Home Loan through NBFC

On the other hand, there are institutions like Non-banking Finacial Companies (NBFC) who offer limited banking services. As a matter of fact, NBFC cannot receive deposits from the citizens that itself is eliminating a lot of banking regulations. But, they are eligible to offer a loan, credit services, underwriting facility etc. Besides, they also offer home loans which can be utilized for expanding or renovating or buying a plot.

Accelerated Processing: In general, banks take a lot of time to process a home loan, but with NBFCs’ and specially NBFC in Delhi for home loan is a much faster system. 

Lesser Documentation: NBFC does not seek for huge paper trails or documentation for loan approval giving you a higher chance of receiving the loan. 

Less Strict: Banks are much more stringent in their rules while approving loans, while NBFCs do not have any such restrictions.

Competing Rates of Interest: With high competition in the market, the interest rates offered by the NBFC is much lower compared to the banks. This lead to the reduction of the EMI burden as the interest payable is low.

Fewer rules and directions: NBFC have lesser regulations, rather than banks. This, in turn, makes the home loans more accessible to the applicant.

Easy Access for Individuals with Low Credit: Banks offer house loans to those who have a marvelous CIBIL score. However, NBFC has a much broader view and they are lending money to those people who do not have a proper credit score. But the rates of interest is higher for less credit record.

Construct or Buy Your Dream Home via Effective Home Loan

People can buy or build their dream home via effective and easy home loans. In short loan on DDA flats is highly effective and it has an enormous number of advantages. Before going to choose home loan it is important to consider all the factors related to the loan otherwise either you will end up with high rates or get your application rejected. 

In general, the biggest advantage of Home loans is that it can be offered, with fewer security documents. When it comes to taking the home loan you don’t need to submit much documentation as well as you don’t need to provide any security. Home loan is the best option for people with poor credit score to furnish their home. Things would get easier if you hire a professional consultant. 

Some Major requirements:

In general, all types of loans require collateral security but home loans are the only ones that require less security-related documents. After you have applied, the lender will visit your home and thoroughly check your place. At that time you need to clearly explain them, about what you are going to do with the home loan. Only if the inspector is entirely convinced with your need for a financial aid your application will be accepted.

In case you are worried that getting a loan through a bank then it may make things complicated while you have an urgency, you can easily opt for the other alternatives. Unlike the traditional loan lenders, online loan providers approve your loan application quickly. Obviously, online loans are absolutely perfect for those in urgent financial situations because you will get a home loan within one day or two. Now anyone can easily choose the loan against property without itr through online platforms. With the help of these online home loans, you can get your dream home!

Why opt for online lenders?

Another significant point is that with these lenders, you can easily make the repayment without any issues. There are different flexible payment options available that help to eliminate all the issues so it is highly effective and more popular than the other alternatives like banks. Convenience is the best aspect of a loan calculator on salary basis. At the same time, the procedure is quite easy and will take just a few moments and can be done right from your phone. Also the application is quickly approved by the lender so you have to spend less time in anxiety waiting for the approval of your application. Basically, the lender only needs some important details to offer loans, so the entire process is pretty smooth and easy.

Hiring A Professional

Choosing a home loan is easier with the help of a home loan agent. All transactions with the lenders will take place online so you do not require to make numerous visits to the bank to discuss the loan details with them. It is one of the most effective and secure ways to get a sufficient amount of money from the comfort of your home. So go ahead and hire a consultant that will assist you right from the first till you get your loan approved and transferred to your account!

Source:https://www.wattpad.com/661937601-home-loan-loan-against-property-without-itr-loan

Few Tips to Avail a Loan against Property without ITR

We have all been in a financial rut at some point in our life. We do have a never-ending list of things that we pine for except we have financial obligations to meet. Most of these things lie out of your financial structure and swiping your debit cards is not going to help you financially. So, in situations like this, you can think about getting a personal loan. Perhaps you are in dire need of money and to avail such an amount, you can pledge your property instead. That sounds enticing, right?

What Exactly Does A Loan Against Property Mean?

A loan against property or LAP is a not exactly a complicated term. It is quite literally the thing it stands for. This is the kind of loan you’d take against your registered property/home. This property can be your residential building, a plot or even a commercial building but they should be registered under your name. Once you decide to get LAP, you’d need to make sure that you fulfill the eligibility criteria that the lender has before he sends out their money. The lender will then asses your property’s market value and then sanction once the papers are clear. People take such loans all the time to expand their business ventures or for other purposes that don’t need specificities.

Availing A Loan Against Property Without Income Proof And ITR

To avail a housing loan without ITR would be hard since some of the leading banks wouldn’t approve of your application but to apply for one without ITR, then you’d be needing the following. 

Application form

Identity Proof

Address proof

Passport size photos

Bank statements of last six months

Processing fee

Few Tips On Availing A Loan Against Property

Applicants with savings accounts in the bank they are taking a loan from will be having a relationship manager assigned to them. This person will be guiding you from point to point with concerns that you might be facing. If you are meeting them in person then ask them directly whether they can process your application without income proof or ITR.

If you have someone in your family with a good credit score and a spontaneous income flow, add them as your co-applicant since adding them would ideally increase the chances of your approval.

It is Important to file an ITR but if you couldn’t get around filing the previous year, be sure to explain it your officer. But to be on the safer side, get in touch with a tax consultant and file your tax for the on-going year.

Your lender will obviously be taking a look at your banking habits and how you keep up with our money. If that is being maintained properly, the chances of getting a loan increase naturally. You can check your eligibility beforehand with a loan against property eligibility calculator. If you are a salaried employee then be sure to go through a loan calculator on a salary basis. 

How Can A Salaried Employee Get Their Personal Loan?

To be able to apply for personal loans, there are some basic criteria that need to be fulfilled. Salaried and self-employed applicants are obviously eligible for a personal loan but the criteria differ depending on the institution you are taking the loan from. Some of the basic criteria to avail personal loan are:

1. You need to be salaried or self-employed

2. The age should be between 21 to 58

For a salaried person to avail such a loan, they should be on the job that they were in when they applied for, at a stretch of six months with an overall work experience weighing in for about two years. On the other hand, the self-employed employees should be in the business they are practicing for 3 years with the same amount of work experience. Salaried employees must have a draw of at least 20,000 RS per month to avail a personal loan.

The Maximum Loan That One Is Eligible For!

Personal loans should always be taken with caution as they are often determined by the cash flow. The Maximum loan for salaried employee mostly depends on the income that person draws in. 

Salaried Individuals: For a salaried employee, the minimum income is 20,000 Rs per month and a maximum loan of Rs 15,00,000 can be availed.

Self-employed applicants: The minimum income for them is RS 2,00,000 per year where they can draw up to RS 20,00,000 as a loan.

Businessperson: With a minimum income of Rs 2,00,000 per year, such an applicant can get a max loan of RS 15,00,000.

The Documents That Are Necessary

Some of the basic documents that are needed to avail a loan are a salaried employee

Identity Proof: Voters ID/ Driving License/ Passport et al

Address Proof: Electricity Bill/ Passport/ Ration Card et al

Bank Statement: Last three months

Employment Certificate: Document for 2 years employment continuity

Salary Slip: Last Three Months

Checking For eligibility criteria

To check your eligibility criteria, you can check some of the sites that offer you with eligibility calculator where you are also provided with loan plans and structures you can choose from. Usually, people get a personal loan to get over with their immediate obligations and when there is an option to go for loans that are convenient to have, then personal loans should be taken in as long as you are being able to carry out any given extensions.

The Need For A Decent Sore

Make sure that your CIBIL credit score is up to the mark so that you can bargain for a lesser interest with a better package. Loans would also determine your future credit score. So be sure to take care of your debts without discounting the credit scores since they might stop you from having future loans.

If you are in need of professional assistance, the various sites that are providing services which entail loan services, eligibility calculator with loan service package option are the ones that you should be looking out for as they are likely to increase the chances of you getting a better deal.

Source:http://inrcredit.edublogs.org/2018/11/22/how-can-a-salaried-employee-get-their-personal-loan/